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Commodity outlook: Metal, energy counters mixed amid Trump impeachment

NEW DELHI: Metal and energy commodities were trading mixed on domestic bourses on Thursday amid Donald Trump’s impeachment proceedings.

Trump became the third US president to be impeached as he was formally charged with abuse of power and obstruction of Congress in a historic step that will inflame partisan tensions across a deeply divided America.

Crude oil, natural gas, gold, silver and copper were trading with losses, while nickel and January futures of natural gas gained.

Among agri commodities, castor seed, coriander, cottonseed, guar gum and guar seed were in the green. On the other hand, jeera, turmeric and soybean were trading with cuts on NCDEX.

Here is how SMC Global expects commodities to trade today:

Bullion counters may trade sideways to upwards. Gold can recover towards Rs 38,100 while taking support near Rs 37,800 and silver can recover towards Rs 44,800 while taking support near Rs 44,300.

Base metals: Base metals may trade sideways. Copper may dip towards Rs 440 while taking resistance near Rs 445. Zinc can recover towards Rs 185 while taking support near 181. Lead may trade sideways taking support near Rs 151 and resistance at Rs 155. Nickel may bounce back towards Rs 1,030 while taking support near Rs 1,010. Aluminum may dip towards Rs 133 while taking resistance near Rs 135.

Energy: Crude oil may trade with an upside. It can recover towards Rs 4,360 while taking support near Rs 4,240. Natural gas can bounce towards Rs 166 while taking support near Rs Rs 160.

Spices: Turmeric futures (Mar) are expected to trade higher towards Rs 6,300-6,350, taking support near Rs 6,150. Jeera futures (Jan) may consolidate and trade sideways in the range of Rs 15,700-15,970. There is a high probability that cardamom futures (Jan) might surpass the previous weekly high near Rs 3,136 and may now move higher to test Rs 3,400-3,450.

Oilseeds: Soybean futures (Jan) have the potential to reach for Rs 4,350-4,380 taking support near Rs 4,260. Mustard futures (Jan) are most likely to trade with an upside bias and test Rs 4,600-4,620 on the higher side. Soy oil futures (Jan) are seen taking support near Rs 880 and maintaining its uptrend to test Rs 892-895. CPO futures (Jan) are expected to hold above the support level near Rs 721 and trade sideways facing resistance near Rs 737.

Source: Economic Times